TD Bank Personal Loans: 2020 Review

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Here's a breakdown of some of the benefits and drawbacks of TD Bank personal loans.

TD Bank offers both unsecured and secured loan opportunities to borrowers with good credit or those trying to establish credit. If you’re looking for fast funding and loan purposes ranging from debt consolidation to financing major purchases, TD Bank is worth consideration.

You don’t need an existing relationship with the bank to get a loan, but it helps. TD customers can get a discount on rates by meeting certain criteria.

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Pros and cons of TD Bank personal loans

Before signing up for a personal loan with TD Bank, take a look at some of its benefits and drawbacks.

Pros:

• Multiple loan options: TD Bank offers three different types of loans, including an express loan for fast funding within two days, an unsecured loan for larger amounts and a secured loan for those looking to build credit.
• Brick-and-mortar banking experience: TD Bank operates retail stores in 15 states and Washington, D.C.: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont and Virginia.
• Low APRs: TD Bank’s minimum APRs are on the low side. Both of its unsecured loan products start at just 6.99 percent APR, while its secured loan has a variable 5.67 percent APR.

Cons:

• Must visit a store to sign paperwork: While TD Bank’s unsecured loan application can be filled out online, the agreement must be finalized at a bank. And if you’re interested in the secured loan product, you’ll have to visit a branch in order to apply.
• Relatively high minimum credit score: TD Bank’s unsecured loans require a minimum credit score of 700, which may be out of reach for some borrowers. If you have a below-average credit score, you may have better luck with TD Bank’s secured loan, which doesn’t have an advertised minimum requirement.

Lending terms

The lending terms you’ll receive from TD Bank depend on the type of loan you’re getting.

TD Express Loan amounts range from $2,000 to $25,000 with APRs of 6.99 percent to 18.99 percent. Terms of 12 to 60 months are available. Borrowers may receive funds in as little as 48 hours.

Personal unsecured loans offer loan amounts from $2,000 to $50,000, APRs from 6.99 percent to 18.99 percent and repayment options from 12 to 60 months. Like the TD Express Loan, borrowers must have a credit score of 700 or above to qualify. After filling out the application, a lending representative will contact you within one business day.

Secured personal loans range from $5,000 to $50,000 with a variable rate of 5.67 percent and repayment terms of 12 to 60 months. Borrowers looking to build or establish credit may qualify for this type of loan, though income verification is required.

Fees and penalties

For the most part, TD Bank keeps fees for its loans to a minimum. It charges a $50 origination fee for its secured loan, but its unsecured loans have no origination fee or application fee. However, non-TD Bank members pay 0.25 percent more on rates than customers with a checking or savings account who enroll in autopay.

Both of the unsecured loans come with a late payment fee that’s 5 percent of the minimum payment due or $10, whichever is less.

How to apply for a loan with TD Bank

You can apply for an unsecured loan online, by phone or in person at a TD Bank branch. Applications for secured loans must be submitted in person at a branch.

The fastest way to get the process for an unsecured loan started is to fill out an application on the bank’s website. TD Bank claims that the consumer loan application only takes about 15 minutes to finish. After you complete the application, a TD Bank lending specialist will contact to you within one business day.

In order to complete the loan, you’ll need the following information:

• Your Social Security number.
• Any expenses, such as mortgage or rent, you currently have.
• Your employment history and income.

If approved for a loan, you’ll need to visit a branch to sign the loan agreement and receive funding.

Before settling on a lender, it’s a good idea to explore multiple options. You may find a lower rate or better terms at another lender. When shopping, make sure to compare personal loan rates based on your specific needs, including loan amount, credit score, location, income and loan purpose.

How Bankrate rates TD Bank

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.